Premier Doug Ford has announced a significant investment of $14 million for Kitchener under Ontario’s Building Faster Fund, recognizing the city’s achievement in surpassing its 2023 housing targets by initiating the construction of 3,579 new housing units last year.
Expressing pride in Kitchener’s housing accomplishments, Premier Ford commended Mayor Berry Vrbanovic and the city council for their proactive approach in addressing the housing supply crisis. He urged municipalities across Ontario to follow Kitchener’s lead and intensify efforts to increase home construction, emphasizing the government’s commitment to supporting affordable homeownership opportunities for families province-wide.
Launched in August 2023, the Building Faster Fund is a $1.2 billion initiative spanning three years, aimed at incentivizing municipalities to tackle housing challenges. It provides financial support to municipalities that demonstrate significant progress toward their housing targets, with additional funding allocated for those exceeding expectations.
Mayor Berry Vrbanovic hailed the $14 million investment as transformative for Kitchener, enabling collaborative efforts to bolster housing development across the city. He thanked Premier Ford, Minister Calandra, and the Ontario government for their continued support and recognition of Kitchener’s commitment to addressing the housing crisis.
Part of the Building Faster Fund includes a $120 million allocation for small, rural, and northern municipalities, facilitating housing-enabling infrastructure projects to accelerate housing supply growth. Additionally, the government’s 2024 budget, “Building a Better Ontario,” earmarks $1.8 billion for housing-enabling infrastructure initiatives, underscoring its ongoing commitment to addressing housing needs across the province.
Ontario’s investment in Kitchener’s housing initiatives signifies a collaborative effort between government entities and local stakeholders to enhance housing affordability, foster community development, and improve residents’ quality of life.
